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Damo: Structural changes in the game industry are more beneficial to Tencent (00700)
Damo reiterated that Tencent was the first choice because its 13x price-earnings ratio in 2025 did not reflect a turning point in the game industry, plus buyback promises.
Big Bank Ratings | Damo: Structural changes in the game industry are more favorable to Tencent and reiterated as the first choice
Damo published a report arguing that structural changes in the game industry, including game types or mini-game preferences with lower ARPU (average revenue per user) and overseas opportunities, are more beneficial to Tencent, and reiterated that Tencent was the first choice because its 13-fold price-earnings ratio in 2025 did not reflect a turning point in the game industry, plus repurchase promises. According to the report, since regulation was restarted in 2021, the focus of regulation has shifted from adult protection to excessive monetization. After experiencing a transition period to minimize the risk for minors, the bank believes that Tencent's current positioning is more favorable because the risk to high-consumption game genres is limited; the ARPU of mobile games is compared
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